Key Questions Answered in this Report:
- What are the prime demand-side factors that affect the growth of the market and the current and future trends, market drivers, restraints, and challenges prevalent in the global small satellite market?
- What is the detailed analysis of value chain analysis and small satellite service market?
- Who are the key players present in the global small satellite market and how much is the detailed market share analysis of each player?
- How the market based on different end users such as commercial, government, academic, and defense is expected to grow, during the forecast period?
- How the global small satellite market analysis based on the application segment of small satellite in communication, earth observation and remote sensing, technology development and demonstration, space exploration and surveillance is expected to grow by 2030 and how was it during 2018.
- How the global small satellite market based on major geographies has been analyzed in the report for the major geographies including North America, Europe, Asia-Pacific, and Rest-of-the-World. How each geography is expected to grow and perform during the forecast period?
Small Satellite Market Forecast
The small satellite market projects the market to grow at a significant CAGR of 14.15% by value and 14.28% by volume, during the forecast period from 2019 to 2030. North America dominated the global small satellite market at a share in 2018. Europe, including the major countries such as the U.K., Germany, Denmark, and Russia, are the most prominent countries for the small satellite market. During the forecast period, the Rest-of-the-World is anticipated to grow at the highest rate due to increasing requirement of affordable satellite to attain sustainability.
Presently, small satellites are being increasingly used for applications such as weather forecast, surveillance, earth observation, navigation, communication, meteorology, and other purposes. Of late, there has been an increased demand for efficient small satellite constellations for providing better connectivity for smart devices, Internet of Things (IoT), increased data analytics, and migration to streaming broadband.
Expert Quote on the Small Satellite Market
”Small satellite industry is rapidly moving ahead to adopt small and lightweight swarm of satellites with equal power and higher agility. The next big trend in the market is the emergence of autonomous small satellites,which are capable to undertake fault corrections independently and avoid any sort of mishap in the orbit. Furthermore, small satellite technology is actively leading the paradigm shift in the satellite industry with its capability complimenting the heavy satellites and shorter lead time. Companies like OneWeb, are planning to build satellite factory wherein, it is expected to produce up to 15 satellites per week. It has laid the foundation of adoption of economies of scale streamlined with production and it is expected that management practices like lean manufacturing and a just in time supply chain will increase efficiencies and profitability for the companies during the forecast period”
Scope of the Market Intelligence on Global Small Satellite Market
The small satellite market research provides detailed market information for number of smalls satellite launches, subcomponents demand in the current scenario and by 2030. The purpose of this market analysis is to examine the small satellite market outlook in terms of market drivers, trends, technological developments, and funding scenario, among others.
The report further takes into consideration the market dynamics and the competitive landscape along with the detailed financial and product contribution of the key players operating in the market. The small satellite market report is a compilation of different segments including market breakdown by end user, application, subsystem, type, and region.
The small satellite market (on the basis of subsystem) is further segmented into different types of subsystems being used in small satellites, including payload, structure, telecommunication, on-board computer, power system, attitude control system, and propulsion system. The support subsystem, known as satellite bus, comprises structure, telecommunication, on-board computer, power system, attitude control system, and propulsion system. However, the payload is considered to be the central unit of small satellites as it is responsible for providing core functionality. Payload subsystem dominated the small satellite market in 2018 and is anticipated to maintain its dominance throughout the forecast period (2019-2030).
Small satellites are utilized by various end users such as academic, commercial, government, and defense. Academic end user segment mainly consists of the key educational institutes and universities which are developing their own small satellites for space exploration and scientific research. Commercial end users basically comprise the commercial industries, such as oil & gas, mining, agriculture, and more, which are utilizing small satellites for their product mapping and earth exploration. Government end users are the prominent space agencies which are operated, developed and launched by the government. Small satellites do not require a dedicated launching system, in fact, they are launched as secondary payloads with a primary satellite for a space mission, thus increasing their rate of penetration in the commercial as well as government sectors.
Small satellites are popular due to their small size, low cost, and light weight. Small satellites are utilized for varied applications such as communication, earth observation and remote sensing, space exploration, technology development and demonstration and surveillance. Technology demonstration and development has been the most common application of small satellites since its inception however, the trend is rapidly changing toward their adoption in other applications as well. Communication and earth observation and remote sensing are the most used applications for small satellites. It is mainly due to the fact that constellation of small satellites can collect data more frequently than the traditional satellites and is cost-effective. Moreover, satellite constellation can link among themselves enabling multiple satellite to perform the task and communicate with the ground stations.
Space exploration through small satellites involve significant factors in the space missions, including benefits in weight, power, size, cost, and time of development. Currently, major space exploration projects are utilizing small satellites for varied applications. Small satellites are majorly of five types, femtosatellite, picosatellite, nanosatellite, microsatellite, and minisatellite. Nanosatellites are the most popular, as it is increasingly preferred by different end users including academic, commercial, government, and defense.
The small satellite market is segregated by region under four major regions, namely North America, Europe, APAC, and Rest-of-the-World. Data for each of these regions (by end user, application, type and country) is also provided.
Key Companies in the Global Small Satellite Industry
The key market players in the global small satellite market include BAE Systems, Planet Labs, SSTL, SSL, Innovative Solutions In Space BV, The Boeing Company, Tyvak Nano-Satellite Systems, Inc., Airbus S.A.S, Harris Corporation, Lockheed Martin Corporation, Thales Group, Northrop Grumman Corporation, OHB System, OneWeb, and QinetiQ Group PLC.